Many Americans had cause to rejoice when Congress passed the American Rescue Plan in March 2021. That enormous stimulus check package not only made it possible for a second round of $1,400 stimulus checks but also significantly increased the value of the Child Tax Credit.
In all, the federal stimulus cash that consumers got in 2021 helped many of them strengthen their savings and deal with the rising prices. However, in 2022 there was no government stimulus funding available. Instead, limited state stimulus money was the most information that consumers had access to, leaving many Americans in the dark.
Stimulus Check Saving Americans Since The Start Of The Pandemic
Of course, it’s simple to see why Congress decided against approving any federal stimulus money in 2022 because of the weak economy.
Although last year’s inflation impacted a lot of individuals, consumer spending remained stable and the unemployment rate remained admirably low.
Currently, a possible recession in 2023 is being discussed. Some financial analysts are so certain that the economy would suffer in some way during the next year that they are practically certain of it. In the past, officials turned to stimulus payments when unemployment was high and the economy needed a boost. At various points throughout both the epidemic and the Great Recession, which lasted from 2007 to 2009, stimulus payments were made.
By 2022, the economy had already recovered from the epidemic, thus no Stimulus Checks were required. The unemployment rate was low in 2022 as a whole. Furthermore, despite some experts’ concerns, there hasn’t been a rise in unemployment rates as of yet. You’re not alone if you’re having trouble keeping up with your costs because of inflation. However, have a look at choices before giving up on attempting to make ends meet by blowing through all of your money or accruing debt. That can mean making a few tweaks to your spending plan or launching a second company. It’s possible that a stimulus check won’t arrive soon.